Influencer Advertising Measurement and Technique I Traackr

Influencer Advertising Measurement Recommendation From A CMO

Irrespective of the dimensions of your influencer advertising and marketing finances, there are normally three key challenges to unravel: 

1. methods to make data-driven strategic selections 
2. methods to measure success
3. methods to attribute gross sales 

Under are insights from an interview with Brad Farell, CMO of Beekman 1802. Brad and his workforce had been so profitable with latest influencer advertising and marketing campaigns that the model grew to become top-of-the-line performing skincare manufacturers on TikTok and offered out two product traces at Ulta. 

You possibly can learn their full case examine right here, however we propose you stick round to learn this piece first!

Problem: How do I take advantage of knowledge to tell strategic selections?

A key studying for Brad and his workforce was methods to make strategic selections primarily based on influencer advertising and marketing measurement insights. To perform this, they leveraged Traackr’s Model Vitality Rating (VIT) and influencer advertising and marketing benchmark software to grasp the place the model at present stood and the place they wished to be.  

Study extra about EMV vs VIT.

“Clearly we take a look at metrics day-after-day like video views and engagements however VIT is our North Star. It permits us to take a step again and perceive the place we’re inside our aggressive set and the way we’re resonating with our viewers. It’s a tremendous metric for wanting on the huge image.” — Brad Farrell, CMO of Beekman 1802

The workforce had used Earned Media Worth (EMV) prior to now, however switched to Traackr’s VIT as a result of it wished a metric that was extra clear. In contrast to EMV, which assigns a nebulous greenback worth to a marketing campaign’s outcomes, VIT measures a model’s efficiency in influencers’ content material by creating an combination rating of visibility (attain), influence (engagement), and model belief (high quality of name point out). Model groups are additionally given the choice to take a look at every of those parts individually to allow them to work out precisely what they should do to get higher and improve that total rating. 

“Why can we measure something? To get higher. The problem with EMV is that it places a greenback on a metric that doesn’t really measure monetary worth. For instance, for those who full a $10k marketing campaign and obtain $1M in EMV, that’s rapidly seen as ‘we’ve created 1,000,000 {dollars} price of worth’ – however that’s not true. Is that million {dollars} in your gross sales? Is it the worth of your organization? The metric doesn’t measure ROI nor does it aid you perceive what is definitely working.” — Evy Lyons, CMO of Traackr

By way of their VIT evaluation, the Beekman 1802 workforce realized that VIP influencers had been driving important influence for his or her rivals. Up till that time, the model had not labored with VIP influencers as a result of their increased charges had been daunting and made partnering really feel like an enormous gamble.

When the workforce turned these findings into motion, they had been capable of confidently choose the appropriate VIP companions. The influence was speedy. Brad and his workforce noticed a direct influence on gross sales after their two prime VIPs, Kat Sticker (@katstickler) and Dr. Shah (@dermdoctor) posted about their merchandise. 

Beekman 1802’s success is proof that we’d like metrics that give us a clear view into the levers that can assist us enhance. Hearken to Evy clarify VIT and the way it differs from EMV.

Problem: Which efficiency metrics do I measure?

Beekman 1802 solved this by utilizing a mixture of onerous and delicate metrics to measure completely different objectives. 

One in every of Beekman 1802’s greatest TikTok campaigns was designed to encourage customers to go in-store to purchase skincare merchandise at Ulta Magnificence. Through the marketing campaign, Beekman 1802 managed to get a mean engagement fee of three.06% and a excessive quantity of consciousness for his or her spend, attaining a 3:1 ratio for natural to paid posts. However in addition they offered out two product traces in Ulta Shops, with Ulta workers reporting that each coworkers and prospects talked about seeing Beekman 1802 merchandise on TikTok. 

Cross-referencing these delicate and onerous metrics gave the workforce a greater understanding of what influence its marketing campaign had on a number of ranges of the advertising and marketing funnel (from consciousness to conversion).

Keep in mind that whereas your influencer advertising and marketing measurement metrics combine might be decided by your finish objective, metrics can even assist inform the way you construct your marketing campaign. For instance, in case your objective is to make use of TikTok to drive consciousness, then you’ll want to observe video views, impressions, and engagements. However what concerning the variety of natural mentions? This has traditionally been onerous to trace, however know-how and intelligent marketing campaign content material could make it simpler (e.g. make-up challenges which might be enjoyable to take part in but additionally have specialised songs and trackable hashtags). 

Problem: How do I measure the influence of influencers on gross sales?

In case you are having a tough time monitoring how influencers are driving gross sales, there are some things you are able to do:

1. Create a time-bound marketing campaign. A majority of these campaigns could be a dream match for gross sales attribution. For instance, Beekman 1802 labored with magnificence influencer, Laura Lee Watts (@lauraleewatts), to advertise its Milk Drop product function in Ulta Magnificence’s 21 days of Magnificence occasion. The skincare model instantly noticed site visitors go each on-line and to shops which resulted in product promote outs through the occasion. Gross sales might be largely attributed to the TikTok posts due to what the workforce was listening to on the Ulta shops in addition to an uptick in gross sales after the submit. 
2. Flip your influencers into associates. Though associates have been round for a very long time, partnering with influencers to drive gross sales (not simply consciousness) is pretty new. In case you are growing particular sales-driving campaigns, think about taking a web page out of the affiliate handbook and give your influencers specialised hyperlinks and distinctive codes (with reductions!) to share with their audiences. 

This may all grow to be even simpler as social commerce and influencer advertising and marketing grow to be much more built-in. Even now we’re seeing influencer advertising and marketing platforms embrace social commerce options like affiliate relationship administration and hyperlink monitoring and attribution.